Q1 FY2/27 Results: Negative Impression

研报英文原文证据摘录

Q1 FY2/27 Results: Negative Impression

Yaskawa Electric (6506 JP)

Equity Research

July 10, 2026

The Long View: Yaskawa Electric

Investment Thesis Risk/Reward - 12 Month View

We believe mgmt is conservative on its FY2/27-28 OP targets for

Upside : Downside

servomotor and inverter business related to semiconductor and data center 8000 1 : 1.94

projects. That said, we believe a potential beat to mgmt's current forecasts 7700 (+13%)

has been well incorporated in sell-side and buy-side forecasts. As such, an 7000

6500 (-5%)

upward revision to company guidance would unlikely surprise investors. We 6000

believe market sentiment on the company's participation in the physical AI

5000 5100 (-25%)theme will support the share price performance.

2025 2026 +12 mo.

Base Case, Upside Scenario, Downside Scenario,

¥6500, -5% ¥7700, +13% ¥5100, -25%

We expect semiconductor capex recovery and In our Upside scenario, we expect FY2/27 sales In our Downside scenario, we expect FY2/27

improving capex in the oil/gas/data center and OP to exceed our base-case forecasts by sales and OP to miss our base-case forecasts

HVAC in the US should sustain OP growth in 10% and 24%, respectively. Our assumptions by 13% and 30%, respectively. Our assumptions

Motion Control segment. The absence of low- include stronger servomotor and robot orders in include weaker servomotor and robot orders in

margin auto OEM-related projects for Robotics FY2/27 than we expect in our base case, a faster FY2/27 than we expect in our base case, slower

should lead to profit margin improvement of pace of improvement in profitability than we profitability improvement than we expect, and

this business. Our base-case price target of expect, and earlier timing of customers resuming prolonged cutbacks in customers' new capex.